In Wisconsin, individuals may have an Irrevocable Funeral Trust. This Trust may only be used to fund final expenses. It is protected from any and all outside interests, is accepted for Medical Assistance programs, and is not part of an Estate. It is immediately available to pay expenses upon death and cannot be tampered with by anyone. An Irrevocable Funeral Trust may be established when “spending down” to qualify for medical assistance benefits. It is not considered an asset. A Trust also earns interest to keep pace with rising costs.
Advantages of pre-funding a funeral with an Irrevocable Funeral Trust
- Eases the financial burden for your family at a difficult time for them
- It’s the smart and thoughtful thing to do
- Gives total peace of mind for you and your family
- It is established in the person’s name and goes anywhere with them, should they relocate to another state
- In Wisconsin, 100% of all money and interest belongs to the client
- A trust is a safe and secure money shelter
- Growth on trusts may be non-taxable
- Irrevocable Funeral Trusts are exempt from probate
- Irrevocable Funeral Trusts can only be established through a licensed funeral home
- Trusts may be funded by life insurance, annuities, or bank accounts
- Funeral trusts are compliant with Medicare and Medicaid
- Money in a funeral trust is exempt as an asset under programs
- Funeral trusts are transferable
- There are many payment options available: monthly/quarterly/annuall
- Start with as little as $100. or in one lump-sum
What if you already have a life insurance policy?
An existing life insurance policy may be assigned to an Irrevocable Funeral Trust. This requires the policy to be assigned to the funeral home in advance of need. Most conventional life insurance is written for the purpose of paying a beneficiary. We find it is often in the clients’ best interest to have a separate fund established for the funeral trust.
How do you start?
Contact Dave Barbola, Lisa Lee or David Hempel to set up a no cost, no hassle appointment today. Dave, Lisa & David are all licensed Pre-Need professionals who would be happy to answer any questions you may have both now and in the future.